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Accounting for Managers (ACCT602)-Semester I

1st Module Assessment

Question 1. Which one of the following can the accounting equation can be rewritten as?

Select one:

a. Assets + profit – drawings – liabilities = closing capital

b. Assets – liabilities – opening capital + drawings = profit

c. Assets – liabilities – drawings = opening capital + profit

d. Assets – profit – drawings = closing capital – liabilities

Clear my choice

Question 2. Accounting is basically concerned with

Select one:

a. Forecasting

b. Measurement

c. Management

d. None of the above

Clear my choice

Question 3. Which of the following is an example of Personal Account?

Select one:

a. Machinery

b. Cash

c. Creditor

d. Rent

Clear my choice

Question 4. Which of the following is not a financial statement?

Select one:

a. Balance sheet

b. Profit and loss account

c. Trial balance

d. Cash flow statement

Clear my choice

Question 5. Book keeping is a mechanical task which involves –

Select one:

a. Collecting of basic financial information.

b. Classifying effects of economic transactions

c. both (a) and (b)

d. None

Clear my choice

Question 6. Purchases book is used to record

Select one:

a. All purchases of goods

b. All credit purchases of assets other than goods

c. All credit purchase

d. All credit purchases of goods

Clear my choice

Question 7. Based on which of the following concepts, is share capital account shown on the liabilities side of a balance sheet?

Select one:

a. going concern concept

b. matching concept

c. business entity concept

d. money measurement concept

Clear my choice

Question 8. Accounting does not record non-financial transactions because of

Select one:

a. Cost Concept

b. Accrual Concept

c. Entity concept

d. Money Measurement Concept

Clear my choice

Question 9. The determination of expenses for an accounting period is based on the concept of

Select one:

a. Matching

b. Objectivity

c. Materiality

d. periodicity

Clear my choice

Question 10. Real a/c debit balance indicates –

Select one:

a. Asset

b. Loss

c. Income

d. Expenses

Clear my choice

Question 11. Income and Expenditure Account is a

Select one:

a. Personal Account

b. Nominal Account

c. Real Account

d. Artificial Personal Account

Clear my choice

Question 12. Purchase of a laptop for office use wrongly debited to Purchase Account. It is an error of

Select one:

a. Omission

b. Principle

c. Misposting

d. Commission

Clear my choice

Question 13. Debit balance as per bank pass book means –

Select one:

a. Surplus cash

b. Terms deposits with bank

c. Bank overdraft

d. None of these

Clear my choice

Question 14. Creditors ledger adjustment account is opened in

Select one:

a. General Ledger

b. Either (B) or (C)

c. Debtors Ledger

d. Creditors Ledger

Clear my choice

Question 15. Are the following statements about debit entries true or false? 1- A debit entry in the cash book will increase an overdraft in the accounts. 2- A debit entry in the cash book will increase a bank balance in the accounts.

Select one:

a. Both true

b. 1 false and 2 true

c. Both false

d. 1 true and 2 false

Clear my choice

Question 16. You are given the following information: Receivables at 1 January 20X3 $10,000, Receivables at 31 December 20X3 $9,000, Total receipts during 20X3 (including cash sales of $5,000) $85,000, What are sales on credit during 20X3?

Select one:

a. $79,000

b. $84,000

c. $86,000

d. $81,000

Clear my choice

Question 17. A business sells $100 worth of goods to a customer, the customer pays $50 in cash immediately and will pay the remaining $50 in 30 days’ time. What is the double entry to record the purchase in the customer’s accounting records?

Select one:

a. Debit cash $50, credit payables $50, credit purchases $50

b. Debit purchases $100, credit payables $50, credit cash $50

c. Debit purchases $100, credit cash $100

d. Debit payables $50, debit cash $50, credit purchases $100

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2nd Module Assessment

An increase in the provision for doubtful debt will

Select one:

a. Decrease in net profit

b. Increase in net profit

c. Increase in liability

d. Non of the above

Question 1. Inventory is

Select one:

a. Included in the category of fixed assets

b. An intangible fixed asset

c. A part of current assets

d. An investment

Clear my choice

Question 2. Change in the method of depreciation is change in _______.

Select one:

a. Measurement discipline

b. Accounting policy

c. None of the above

d. Accounting estimate

Clear my choice

Question 3. Among the financial statements, ___________ is/ are referred to as ‘period statement’.

Select one:

a. Trading Account

b. Both (a) and (b)

c. Balance Sheet

d. Profit & Loss Account

Clear my choice

Question 4. Gross profit is the difference between

Select one:

a. Sales and non-operating expenses

b. None of the above

c. Sales and cost of goods sold

d. Sales and operating expenses

Clear my choice

Question 5. Depreciation is a –

Select one:

a. Provision

b. Reserve

c. Liability

d. Loss

Clear my choice

Question 6. The financial statements of an organisation are drafted using the ___________.

Select one:

a. Ledger balances

b. Events

c. None of the above.

d. Transactions

Clear my choice

Question 7. The purpose of preparing final accounts is to ascertain ___________

Select one:

a. Capital

b. The value of assets

c. Profit or loss

d. Profit or loss and financial position

Clear my choice

Question 8. ________ Account charges the COGS and other direct expenses and losses against the sales revenue to determine the gross operating result of the concern during a particular accounting period.

Select one:

a. Receipts & Payments

b. Trading

c. Income & Expenditure

d. Profit & Loss

Clear my choice

Question 9. Balance sheet is prepared

Select one:

a. None of the above

b. At a particular date

c. At the close of a day

d. For the close of a period

Clear my choice

Question 10. Bank overdraft is a

Select one:

a. An asset

b. A liability

c. Revenue

d. Expenses

Clear my choice

If a company wants to earn a 25% profit on sales, what will be the profit mark up on the cost.

Select one:

a. 20%

b. 33.33%

c. 25%

d. 30%

Question 11. Obsolescence of a depreciable asset may be caused by: I. Technological changes II. Improvement in production method. III. Change in market demand for the product or service output. IV. Legal or other restrictions.

Select one:

a. All (I), (II), (III) and (IV) above

b. None

c. Both (I) and (II) above

d. Only (I) above

Clear my choice

Question 12. All of the following support the objectives of financial reporting except providing information that

Select one:

a. helps management evaluate alternative projects

b. is useful for making investment and credit decisions

c. concerns enterprise resources and claims to those resources

d. helps investors and creditors predict future cash flows

Clear my choice

Question 13. If a concern proposes to discontinue its business from March 2015 and decides to dispose of all its plants within a period of 4 months, the Balance Sheet as on March 31, 2015 should indicate the plants at their

Select one:

a. Historical cost

b. All

c. Net realizable value

d. Cost less depreciation

Clear my choice

Question 14. Assets are listed on the balance sheet in the order of their

Select one:

a. liquidity

b. purchase date

c. balance

d. adjustments

Clear my choice

Question 15. Which of the following items may appear as current liabilities in a company’s statement of financial position? 1 Revaluation surplus, 2 Loan due for repayment within one year, 3 Taxation, 4 Preference dividend payable on redeemable preference shares

Select one:

a. 1, 2 and 4

b. 1, 3 and 4

c. 2, 3 and 4

d. 1, 2 and 3

Clear my choice

Question 16. Original cost = INR. 12,60,000; Salvage value = Nil; Useful life = 6 years. Depreciation for the first year under sum of years digits method will be

Select one:

a. 1,55,000

b. 1,20,000

c. 1,80,000

d. 3,60,000

Clear my choice

Question 17. Which of the following might appear as an item in a company’s statement of changes in equity? 1 Profit on disposal of properties 2 Surplus on revaluation of properties 3 Equity dividends proposed after the reporting date 4 Issue of share capital

Select one:

a. 3 and 4 only

b. 2 and 4 only

c. 1 and 2 only

d. 1, 3 and 4 only

Clear my choice

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3rd Module Assessment

 

International accounting standards are currently developed by which entity?

Select one:

a. Financial Services Authority

b. International Accounting Standards Board

c. International Accounting Standards Committee

d. None of the above

Question 1. Equity equals

Select one:

a. Assets – Liabilities.

b. Assets + Liabilities.

c. None of the above

d. Liabilities – Assets.

Clear my choice

Question 2. Which of the following elements represents an economic resource ?

Select one:

a. None of the above

b. Owners ’ equity

c. Asset

d. Liability

Clear my choice

Question 3Which of the following items would most likely be classifi ed as a fi nancing activity?

Select one:

a. Investments in the stock of a supplier

b. Payment of income taxes

c. Issuance of debt

d. None of the above

Clear my choice

Question 4

Which of the following items would most likely be classifi ed as an operating activity?

Select one:

a. Acquisition of a competitor

b. Issuance of debt

c. None of the above

d. Sale of automobiles by an automobile dealer

Clear my choice

Question 5. Retained earnings are a component of

Select one:

a. liabilities.

b. owners ’ equity.

c. minority interest.

d. None of the above

Clear my choice

Question 6. Which of the following is not a characteristic of a coherent fi nancial reporting framework?

Select one:

a. Consistency

b. Transparency

c. None of the above

d. Timeliness

Clear my choice

Question 7. Which of the following elements represents a residual claim?

Select one:

a. None of the above

b. Asset

c. Owners ’ equity

d. Liability

Clear my choice

Question 8. The statement of cash fl ows presents the fl ows into which three groups of business activities?

Select one:

a. None of the above

b. Operating, nonoperating, and investing

c. Operating, investing, and fi nancing

d. Operating, nonoperating, and fi nancing

Clear my choice

Question 9. Which of the following is not an objective of fi nancial statements as expressed by the International Accounting Standards Board?

Select one:

a. To provide information about the performance of an entity

b. To provide information about the fi nancial position of an entity

c. To provide information about the users of an entity ’ s fi nancial statements

d. None of the above

Clear my choice

Question 10. Debt due within one year is considered

Select one:

a. preferred.

b. None of the above

c. long term.

d. current.

Clear my choice

Which of the following ratios would be most useful in determining a company ’ s ability to cover its debt payments?

Select one:

a. None of the above

b. ROA

c. Total asset turnover

d. Fixed charge coverage

Question 11. Comparison of a company ’ s financial results to other peer companies for the same time period is called

Select one:

a. None of the above

b. time – series analysis.

c. cross – sectional analysis.

d. horizontal analysis.

Clear my choice

Question 12. Which ratio would a company most likely use to measure its ability to meet short – term obligations?

Select one:

a. Payables turnover

b. None of the above

c. Gross profi t margin

d. Current ratio

Clear my choice

Question 13. What does the P/E ratio measure?

Select one:

a. The earnings for one common share of stock.

b. None of the above

c. The relationship between dividends and market prices.

d. The “ multiple ” that the stock market places on a company ’ s EPS.

Clear my choice

Question 14. In order to assess a company ’ s ability to fulfill its long – term obligations, an analyst would most likely examine

Select one:

a. activity ratios.

b. None of the above

c. liquidity ratios.

d. solvency ratios.

Clear my choice

Question 15. An analyst has projected that a company will have assets of € 2,000 at year – end and liabilities of € 1,200. The analyst ’ s projection of total owners ’ equity should be closest to

Select one:

a. € 3,200.00

b. € 4,000.00

c. € 2,000.00

d. € 800.00

Clear my choice

Question 16. For fi nancial assets classifi ed as available for sale, how are unrealized gains and losses reflected in shareholders ’ equity?

Select one:

a. They fl ow through retained earnings

b. As a separate line item (other comprehensive income).

c. They are not recognized

d. None of the above

Clear my choice

Question 17. Defining total asset turnover as revenue divided by average total assets, all else equal, impairment write – downs of long – lived assets owned by a company will most likely result in an increase for that company in

Select one:

a. both the debt – to – equity ratio and the total asset turnover.

b. the debt – to – equity ratio but not the total asset turnover.

c. None of the above

d. the total asset turnover but not the debt – to – equity ratio

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4th Module Assessment

One of the following is NOT an objective of cost accounting

Select one:

a. To provide information to aid control

b. To provide information for decision making

c. To ascertain cost and facilitate pricing

d. To investigate fraud

Question 1. Under marginal costing the cost of product includes

Select one:

a. Prime costs only

b. Price costs and variable overheads

c. Prime costs and factory overheads

d. Prime costs and fixed overheads

Clear my choice

Question 2. Cost accounting is an integral part of

Select one:                                                          

a. Management accounting

b. Treasury accounting

c. Forensic accounting

d. Financial accounting

Clear my choice

Question 3. Cost which is related to specific cost object and economically traceable is classified as

Select one:

a. direct cost

b. staff cost

c. line cost

d. indirect cost

Clear my choice

Question 4. Costs are classified as fixed or variable on basis of

Select one:

a. given time period

b. both a and b

c. common activity

d. specific activity

Clear my choice

Question 5. The standard which is attainable under favourable conditions is

Select one:

a. Basic standard

b. Expected standard

c. Normal standard

d. Theoretical standard

Clear my choice

Question 6. Materials cost do NOT include cost of

Select one:

a. Raw materials

b. Fixed assets

c. Packing materials

d. Work in progress

Clear my choice

Question 7. Process of tracing direct costs and allocation of indirect costs is classified as

Select one:

a. economic assignment

b. indirect assignment

c. cost assignment

d. direct assignment

Clear my choice

Question 8. In accounting, cost which is predicted to be incurred or future cost is classified as

Select one:

a. actual cost

b. budgeted cost

c. past cost

d. incurred cost

Clear my choice

Question 9. Under standard cost system the cost of the product determined at the beginning of production is its:

Select one:

a. Actual cost

b. Pre-determined cost

c. Direct cost

d. Historical cost

Clear my choice

Question 10. The deviations between actual and standard cost is known as

Select one:

a. Variance analysis

b. Multiple analysis

c. Variable cost analysis

d. Linear trend analysis

Clear my choice

When sales exceed production (in units) then profit under

Select one:

a. None of above

b. Marginal costing is higher than that of absorption costing

c. Marginal costing is equal than that of absorption costing

d. Marginal costing is lower than that of absorption costing

Question 11. When sales and production (in units) are same then profit under

Select one:

a. Marginal costing is lower than that of absorption costing

b. Marginal costing is equal to that of absorption costing

c. Marginal costing is higher than that of absorption costing

d. None of the above

Clear my choice

Question 12. Period costs are

Select one:

a. Prime costs

b. Variable costs

c. Fixed costs

d. Overheads costs

Clear my choice

Question 13. Which of the following variance arises when more than one material is used in the manufacture of a product

Select one:

a. Material yield variance

b. Material mix variance

c. Material usage variance

d. Material price variance

Clear my choice

Question 14. The main difference between marginal costing and absorption costing is regarding the treatment of

Select one:

a. Direct materials

b. Variable overheads

c. Prime cost

d. Fixed overheads

Clear my choice

Question 15. If P/V ratio is 40% of sales then what about the remaining 60% of sales

Select one:

a. Margin of safety

b. Fixed cost

c. Profit

d. Variable cost

Clear my choice

Question 16. The P/V ratio of a product is 0.6 and profit is INR. 9,000. The margin of safety is

Select one:

a. INR. 3,600

b. INR. 5,400

c. INR. 22,500

d. INR. 15,000

Clear my choice

Question 17. The classification of fixed and variable cost is useful for the preparation of

Select one:

a. Master budget

b. Cash budget

c. Flexible budget

d. Capital budget

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5th Module Assessment

Income from investments is a cash flow from –

Select one:

a. None of the above

b. Investing activities

c. Operating activities

d. Financing activities

Question 1          expenses related to business are charged:

Select one:

a. Profit and loss account

b. Trading account

c. Directly to Balance sheet

d. Trading account Profit and Loss account

Clear my choice

Question 2. Accounting for price level changes may also be sometimes called as —————

Select one:

a. Environmental Accounting

b. None of the above

c. Inflation Accounting

d. Deflation Accounting

Clear my choice

Question 3. The global key professional accounting body is —

Select one:

a. The Financial Accounting Standards Board

b. The International Accounting Standards Committee

c. The International Accounting Standards Committee

d. The International Accounting Standards Board

Clear my choice

Question 4. Accounting in India is governed by the —

Select one:

a. Income Tax Department

b. Institute of Chartered Accountants of India

c. Reserve Bank of India

d. Company Law Board

Clear my choice

Question 5. The main objective of preparing price level changes accounting is to————-

Select one:

a. Both A & B ()

b. Inflate the values based on a predetermined factor price()

c. None of the above

d. Match the financial report to the current price levels

Clear my choice

Question 6. The accounting process in which the financial statements of a parent company and its subsidiaries are added together to yield a unified set of financial statements is called —

Select one:

a. translation

b. amortization

c. consolidation

d. amalgamation

Clear my choice

Question 7. Based on the following type of accounting—————— an appropriate choice whether to make investment in manpower or other resources is made

Select one:

a. Inflation Accounting

b. Human Resource Accounting

c. Creative Accounting

d. Financial Accounting

Clear my choice

Question 8. …………………Accounting deals with employees and management in an organization

Select one:

a. Environment

b. None of the above

c. Inflation

d. Human Resource

Clear my choice

Question 9. The art of valuing, recording and presenting the value of human capital of an organization in an systematic manner is known as ——————

Select one:

a. Human Resource

b. Human Resource Accounting

c. Human Resource Management

d. None of the above

Clear my choice

Question 10. The increase of decrease in the prices of various goods and services over a period of time is known as———————-

Select one:

a. Price Level Changes

b. Inflation

c. None of the above

d. Deflation

Clear my choice

One of the objectives of ——————- accounting is to provide sound and effective basis for quality control.

Select one:

a. IPR Accounting

b. Creative Accounting

c. Human Resource Accounting

d. None of the above

Question 11. The basic premises of Human Resource Accounting ———————-

Select one:

a. Both A & B

b. None of the above

c. Human is a valuable resource, and its development expenditure is a valuable Investment

d. Human beings are skillful and their development is an additional expenditure

Clear my choice

Question 12. …………………………Approach suggests that the expenditure on Human Resource needs to be capitalized and not transfer it to profit and loss account.

Select one:

a. Historical Cost Approach

b. None of the above

c. Both A & B

d. Net Present Value of future earnings approach

Clear my choice

Question 13. Price for changes accounting can be done by the following method————–

Select one:

a. None of the above

b. Current purchasing power, Current Value Accounting

c. Both a and b

d. Replacement Cost Accounting, Current Cost Accounting

Clear my choice

Question 14. Following are the drawbacks and objections raised against ——————— Accounting. It cannot be valued and measured, There are many methods and none are recognized by any law, It calls for extensive research.

Select one:

a. Creative Accounting

b. Human Resource Accounting

c. Inflation

d. Forensic Accounting

Clear my choice

Question 15. Working capital ratio is also known as –

Select one:

a. Current ratio

b. Debt-equity ratio

c. Quick ratio

d. Liquid ratio.

Clear my choice

Question 16. Which of the following is a method used in analysing financial statements –

Select one:

a. Budget analysis

b. Break-even analysis

c. Variance analysis

d. Trend analysis

Question17. As per Accounting Standard – 3, cash equivalents include –

Select one:

a. Treasury bills

b. All of the above

c. Money market funds

d. Commercial papers

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